Muzn Islamic Banking, the Islamic banking window of National Bank of Oman, has formed a partnership with Takaful Oman, to offer its customers a wide range of takaful products.
The Financial Services Authority (OJK) has revealed that two insurance companies will spin off their takaful windows this year by establishing takaful companies.
The insurance industry, including takaful, grew by 4% to DZD48.4bn ($359.6m) in 1Q2024 in terms of overall revenue (direct and reinsurance acceptances), according to provisional data from the National Insurance Council (CNA).
Cost of medical care in Malaysia is rising, Etiqa Family Takaful CEO Zafri Ab Halim said.
Shareholders at the annual general meeting of Takaful Emarat Insurance Company have approved a special resolution allowing for a capital increase of AED185m ($50.4m) for the company.
With a rise in credit risk, the Omani insurance industry faces increasing challenges due to the enhanced impact of Expected Credit Losses (ECL), says the Dubai-headquartered international actuarial consulting company, Badri Management Consultancy.
Malaysian Reinsurance (Malaysian Re) and Pacific Life Re, Singapore Branch (Pacific Life Re) recently signed an extension to the Memorandum of Understanding (MoU) on providing sustainable retakaful solutions to takaful operators.
Kuwait Insurance Company (KIC) has a track record of strong operating performance supported by robust underwriting results from both non-life and life portfolios over the past five years, notes AM Best.
Qatar Islamic Insurance Group (QIIG) is assessed to have a strong operating performance, says AM Best. The insurer has reported robust technical performance consistently, with a five-year (2019-2023) weighted average combined ratio of 72.0%.
Dubai-listed Arabian Scandinavian Insurance Company - Takaful (ASCANA) has rebranded itself as Sukoon Takaful.